MANY MILLENNIALS ARE LOSING MONEY IN SCAMS

Millennials reported losing money to financial scams last year more often than the elderly, new government data show. In all, 40% of Americans in their 20s who reported fraud in 2017 indicated they lost money to the schemes, the Federal Trade Commission said. The percentage surpassed the 18% of U.S. consumers 70 or older who reported they lost money to fraudsters last year, the FTC said. Adults in their 70s had a median loss of $621. For those ages 20-29, the loss was $400.